preference

(prĕfˈər-əns, prĕfˈrəns)

1. a. The selecting of someone or something over another or others.
   b. The right or chance to so choose.
   c. Someone or something so chosen. See Synonyms at choice.
2. The state of being preferred.
3. Law
   a. A priority of payment given to one or more creditors by an insolvent debtor.
   b. The right of a creditor to priority of payment.
4. The granting of precedence or advantage to one country or group of countries in levying duties or in other matters of international trade.